Raising the nation’s debt limit, now at $31.4 trillion, will ensure that the government can borrow to pay debts already incurred. The stakes could not have been higher,” Biden said from the Oval Office on Friday evening. It raises the debt limit until 2025 — after the 2024 presidential election — and gives legislators budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up. President Joe Biden addresses the nation on the budget deal that lifts the federal debt limit and averts a U.S. government default, from the Oval Office of the White House in Washington, Friday, June 2, 2023. news conference after the House passed the debt ceiling bill at the Capitol in Washington, Wednesday, May 31, 2023.

Source: Huffington Post June 03, 2023 14:19 UTC